<FONT COLOR=BLUE>MARKET SNAPSHOT--Markets set for a difficult open
By Julie Rannazzisi, CBS.MarketWatch.com
Last Update: 7:47 AM ET Nov 16, 2000
NEW YORK (CBS.MW) - Markets are heading for a difficult start Thursday with buyers seemingly uninspired and earnings reports failing to provide any upside catalyst.
December S&P 500 futures fell 4.00 points, or 0.3 percent, and were trading roughly 4.000 points below fair value, according to figures provided by HL Camp & Co. Nasdaq futures, meanwhile, shaved 52.50 points, or 1.7 percent.
On Wednesday, the Fed's decision to hold on to a tightening bias undercut most of the market's earlier gains. Observers point to the market's repeated inability to build on gains after violent rallies - like the one witnessed on Tuesday.
The market is awaiting perhaps the week's most important piece of economic data: the consumer price index. Both the overall index and the core - which excludes the often-volatile food and energy components -- are expected to have risen 0.2 percent in October. and view Economic Preview, economic calendar and forecasts and historical economic data.
In shares trading before the opening bell, Applied Materials erased 75 cents to $42 in Instinet. The company (AMAT) reported after the close fourth-quarter earnings-per-share of 77 cents, topping the First Call estimate by a penny.
Over in the bond market, prices extended Wednesday's gains, with the 10-year Treasury note up 1/8 to yield ($TNX) 5.695 percent while the 30-year government bond added 3/32 to yield ($TYX) 5.755 percent.
In the currency arena, the greenback edged up 0.1 percent to 108.84 against the yen while euro/dollar was flat at 0.8565 ahead of the European Central Bank's decision on short-term interest rates Thursday morning.
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